After midday weakness, the front month lean hog futures market went home mixed. The front month Feb contract was 57 cents higher, and the deferred months gained 10 to 17 cents. The other nearby futures closed 10 to 80 cents lower on Wednesday. USDA’s National Average Base hog price for the PM report was $3.84 weaker at $68.29. The CME Lean Hog Index from 1/24 was another 13 cents higher at $78.45.
Pork cutout futures were mostly lower on Wednesday with a nickel to 70 cent losses. The Feb contract was 7 cents higher at the close. USDA’s National Pork Carcass Cutout Value was $2.14 higher in the PM report on Wednesday at $94.60. That came as the $8.06 drop in ribs was offset by a $9.66 bounce in picnics and a $10.17 stronger ham. USDA estimated WTD hog slaughter under federal inspection at 1.394m head through Wednesday. That is 74k head more than last week’s pace, but trails the same week last year by 37k head.
Feb 22 Hogs closed at $88.025, up $0.575,
Apr 22 Hogs closed at $96.450, down $0.800
Feb 22 Pork Cutout closed at $97.400, up $0.075,
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